Today I feel that we find ourselves in a tricky situation, with many possible outcomes.
There are multiple ways that the whole entertainment and media industry could end up in, and it is disconcerting. With the global trend of the consumption of media moving so rapidly towards youth consumption, it begs the question as to how we manage to cater for multi-generational. As discussed in Chris Lederer & Megan Brownlow’s work, whilst it may be easier to advertise/pitch products and services to older generations, the younger generations, under the age of 35 are where the real money is being made these days, especially in digital media consumption.
In the long term whilst the idea of marketing to generation Z and Y may produce more money, the current audiences consuming media cannot be ignored. It is important to always look to the future, and towards the upcoming trends in the industry, and to be aware of this trend is crucial to understanding how to construct and manage an entertainment and media company.
However the question that I feel this notion, or mindset begs, is what happens to the production of these materials in the present? Do we make the early call and go forward with what trends are currently heading towards? Or do we slowly migrate to this different medium of content aimed at the Z and Y generations? I feel either way, some part of entertainment and media will be lost in this process. We won’t be able to see an image blown up on a daily newspaper, allowing us to capture the true essence of what the image is trying to represent. Regardless even though the media produced today is showing strength in the current Z and Y generations, it will be completely different sooner rather than later.
Primarily I felt Klaus Schwag’s work on the 4th industrial revolution to be focused on the idea of preparation. It provides scenarios whereby it seems all industry is heading, and glosses over the implications that this has on various aspects of how we will perceive life in the future.
The most resonating part of Schwag’s work for me was actually in the beginning paragraphs. Whilst many have heard of the concept of the ‘internet of things’, there isn’t really much on it to set it apart from the rest. The notion that I got from this, which I feel to be one of the most important when looking at business, especially as a communication professional, is that you can no longer have a set, solid business structure. Everything from social media, to technology and innovations are moving so fast at this point that to slow down and have ‘concrete’ plans is not effective, you have to be flexible and be able to adapt to the constant changes that are happening.
To bring this idea back down to earth and apply it to more ‘straightforward’ industries, I have noticed personally with my interactions in industries such as the building and construction industry, that gone are the days whereby the idea of locality and a personal connection through word of mouth are major contributing factors to economic wellbeing. I have been involved in these industries since childhood, and I have noticed as time passed how it has moved from a more personal industry, to a disconnected one. More value is put on the word of those whom will remain unknown and the branding of a company than the idea of personal referrals and reputation.
Whilst Schwag’s work covers so much more than is written here, I feel this idea for me is the most important. As a business minded individual and media professional this is going to be one of the most critical things to be fully aware of in the coming years as the world continues to grow in areas unheard of before. Without this specific experience and knowledge, there may not be a place for you in certain industries right now, let alone many more in the future.